Gold futures fall on weak global cues
Profit-booking by speculators also affected prices
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Gold prices fell 0.82% to Rs 28,420 per 10 grams in futures trade today amid a weak trend overseas and profit-booking by speculators.
At the Multi Commodity Exchange, gold for delivery in December fell by Rs 236, or 0.82%, to Rs 28,420 per 10 grams in a business turnover of 14 lots.
Likewise, the metal for delivery in October shed Rs 224, or 0.78%, to Rs 28,390 per 10 grams in 537 lots.
Analysts said besides profit-booking by speculators, a weak trend in the overseas markets as the outlook for an improving US economy outweighed tension in Ukraine, weighed on gold prices at futures trade here.
Globally, gold traded 0.6% lower at $1,297.46 an ounce Singapore today.
At the Multi Commodity Exchange, gold for delivery in December fell by Rs 236, or 0.82%, to Rs 28,420 per 10 grams in a business turnover of 14 lots.
Likewise, the metal for delivery in October shed Rs 224, or 0.78%, to Rs 28,390 per 10 grams in 537 lots.
Analysts said besides profit-booking by speculators, a weak trend in the overseas markets as the outlook for an improving US economy outweighed tension in Ukraine, weighed on gold prices at futures trade here.
Globally, gold traded 0.6% lower at $1,297.46 an ounce Singapore today.
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First Published: Aug 18 2014 | 12:05 PM IST